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Ananya Birla’s Svatantra Microfin will acquire Sachin Bansal-backed Chaitanya India Fin, a wholly owned subsidiary of Navi Group for Rs 1479 crore, as per media reports.

“Subject to receipt of regulatory approvals and customary closing adjustments, the transaction is expected to be completed by the end of 2023,” said a statement.

The proposed acquisition is expected to turn Svatantra into the second largest microfinance entity in India with a reach of more than 3.6 million active customers through 1,517 branches across 20 states and a combined asset under management (AUM) of Rs 12,409 crore as on March 31, 2023, as per media reports.

“We have seen Chaitanya grow almost 6X in the last 4 years, making credit accessible to rural India. This transaction is in line with our strategic plan to focus on our digital-first businesses, as we continue our digital-first financial services through the Navi Group," Sachin Bansal said.